Insurance Producer Renewal Question
Hi everyone,
I hope I’m in the right place to ask this, as I’ve seen similar questions about licensing on this subreddit.
I currently hold a Life and Health Insurance Producer License from my previous role at an insurance company. I’ve transitioned to a new financial services firm that doesn’t sponsor my LH License since my focus is now on investments, and I need to manage my licensing independently. Since this is my first time navigating this process, I have a question regarding renewals.
As a resident of Arizona, I’m aware that I need to complete my continuing education (CE) by the deadline. However, I’m curious about my non-resident licenses in the other 49 states. Do I need to pay renewal fees for each state to keep those non-resident licenses active?
It might seem like a basic question that I should already know the answer to, but since I’ve always had my previous employer handle this, I want to ensure I’m following standard procedures for managing my own licenses.
Additionally, I’ve found the NAIC/NIPR website a bit challenging when it comes to tracking expiration dates and renewal fees for each state. Have any of you found effective methods for keeping tabs on when your non-resident licenses expire and what the costs are? I’m looking for a more convenient way to monitor all 50 entries.
Thanks for your help!
Best,
[Your Name]
Hey there!
You’re definitely in the right place to ask your question. Managing your own insurance licenses can be a bit overwhelming at first, especially when you have multiple non-resident licenses.
To answer your main question: yes, you are generally required to pay renewal fees for each non-resident license if you want to keep them active in those states. Each state has its own renewal process, fees, and CE requirements, and unfortunately, there isn’t a one-size-fits-all answer. This is standard operating procedure (SOP) for anyone managing their own licenses, so you’re not alone in this.
As for tracking your licenses and their expiration dates, I recommend a few strategies:
Create a Spreadsheet: It might help to set up a simple spreadsheet where you can list all your licenses, their expiration dates, and any CE completion dates. This could be a straightforward way to keep everything organized in one place.
Set Reminders: Use a calendar app (like Google Calendar) to set reminders for renewal deadlines a few months in advance. This way, you’ll have plenty of time to complete any required CE and pay the fees.
Check with State Departments of Insurance: Some states might offer email notifications or alerts regarding renewals. Make sure you’re subscribed to any communication from them.
Consider License Management Software: There are some tools available specifically designed for tracking insurance licenses and compliance. Depending on your needs and budget, this could save you a lot of time and hassle.
I hope these suggestions help make the process easier for you! If you have any other questions, feel free to ask. Good luck with managing your licenses!
Cheers!